well lets start with this, how big is your pocketbook? the more low range power you can put out the better mpgs will be as long as when your cruising you're still not pushing out all that power.
do you want to build a motor or buy one?
do you carb, tbi, tpi, cpi or mpi?
transmission do you want od?
and then you think about your final cost in comparison to the fuel millage you will be saving and how long it will take you to pay for the mods you have done.
also you might want to change your rear ratio